A joint venture of Stiles Residential Group (SRG), a division of Fort Lauderdale-based Stiles, and Raleigh-based Grubb Ventures has sold The Carolinian, a new 186-unit luxury apartment mid-rise in one of Raleigh’s most exclusive neighborhoods.
The buyer, CUSA N.C. Holdings L.P., is an affiliate of Camden Property Trust, an S&P 400 Company and one of the largest publicly traded multifamily companies in the country with more than 55,000 units in their U.S. portfolio.
The Carolinian is Stiles’ first multifamily development in the Carolinas, where the company has been actively growing its portfolio of office, retail and residential development, and the first joint venture between industry leaders Stiles and Grubb Ventures, who has also served as the property manager.
“The Carolinian is a generational asset in an irreplaceable location,” said Jeff McDonough, president of Stiles Residential Group. “We are extremely pleased to have had the opportunity to develop this project in partnership with the Grubb Ventures team, one of the leading developers in Raleigh, after an extensive effort by the Grubb team to acquire the land for development. Our teams aimed to create a unique, boutique luxury community that complimented the high caliber neighborhood by which it is surrounded. We take tremendous pride in the resulting quality living experience that was crafted, which we believe to be the premier mid-rise apartment community in the Southeast U.S.”
Featuring sizeable floor plans and a greater concentration of larger apartment homes, The Carolinian offers studios, one-, two- and three-bedroom units ranging from 600 square feet to more than 1,700 square feet with each featuring high-end condominium-level finishes and appliances. Raleigh-based JDavis Architects designed the project and Clancy & Theys was the General Contractor.
“The Carolinian set a new benchmark of luxury living for this market,” said Gordon Grubb, president of Grubb Ventures. “Camden has a long-term investment horizon, rich history in developing, acquiring and managing trophy assets, and a strong reputation for being good stewards of the communities in which they work. We are confident they will maintain a high standard that will match the quality of The Carolinian.”
A local real estate leader in Raleigh, Grubb Ventures is widely recognized for boutique real estate development, management and leasing in the Research Triangle.
Stiles has developed more than 48 million square feet of award-winning projects throughout the Southeast in its 68-year history, including more than five million square feet of residential, office and mixed-use projects in the Las Olas corridor – playing a pivotal role in revitalizing Fort Lauderdale’s downtown. Stiles’ portfolio and pipeline in the Carolinas and Tennessee includes residential, office, and retail projects.
The Jones Lang LaSalle team of Andrea Howard, Justin Good, Jeff Glenn, and John Currin represented the seller.
